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Havertys sales rise in March

By Janice Chamberlain -- Furniture Today, April 12, 2005

Atlanta — Full-line retailer Havertys posted positive same-store sales and total sales for March, while Fort Worth, Texas-based specialty retailers Pier 1 Imports and The Bombay Company had declines in both measurements.

March sales at Atlanta-based Havertys came to $73.2 million, up 16.2% from year-ago sales of $63 million, as same-store sales surged 10.8%. For the first three months of the year, Havertys said sales were $207.6 million, up 9.1% from 2004's first quarter, paired with a 4.7% increase in same-store sales.

President and CEO Clarence Smith said, "Sales for March were excellent as the flow of best-selling imported merchandise improved and allowed for a strong volume of deliveries to our customers. The tone of new business remained very good for the month as our written orders were up approximately 6% over last year on a comparable-store basis."

Havertys operates 118 stores in 16 Southern and Midwestern states.

At Pier 1, sales for the five weeks ended April 2 were down 12.4% to $147.6 million, as same-store sales plummeted 18.2%. Chairman and CEO Marvin Girouard called March sales "disappointing," with average ticket and conversions down slightly for the month.

"Our new advertising campaign did not launch until late in the month and store inventories continued to be below plan," Girouard said. "Sales also were impacted by inclement weather throughout the country and one less sales day due to an early Easter this year."

Also having a tough March was Bombay, which posted a 9% drop in revenues to $46.4 million, with same-store sales falling 12% in the five weeks ended April 2. For the nine weeks ended April 2, total revenues dipped 6% to $81.3 million, with same-store sales declining 10%.

Chairman and CEO James Carreker said, "Consumer demand remains challenging. In addition to concerns about external factors, such as gasoline prices, the month was adversely affected by the very early Easter, which shifted from April to March.

"As a result, we lost a day of selling, which accounted for 3% to 4% of the decline in same-store sales. Softness in demand continued in big-ticket items, including bedroom and dining room furniture, as well as textiles."

Retailers report March revenues
Dollar amounts in millions
Company	Sales	Change	Same-store change
1 For the five weeks ended April 2. Source: Retailers
Pier 1 Imports¹	$147.6	-12.4%	-18.2%
Havertys	73.2	16.2	10.8
The Bombay Company¹	46.4	-9.0	-12.0

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